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Why you should buy health insurance now, and not wait till retirement

Buying health insurance when you are comparatively younger and healthier will supplement your employer-provided cover for any higher hospitalisation bills and there will be no hassles in terms of renewability. If you want to buy insurance at an advanced age and have some new health issues, insurers may not even be willing to cover you.

December 07, 2022 / 07:45 AM IST

Once you retire from work, your corporate health insurance will cease to exist. So, it’s a no-brainer that in retirement, you need personal health insurance to cover the risk of hospitalisation expenses.

But should you wait till retirement to purchase health insurance?

I recently met a relative who is 55 and will retire in the next 4-5 years. He does not have health insurance of his own but is currently covered under his employer’s group health insurance.

He asked whether he should wait more and purchase a policy closer to retirement, or should do it now.